Equities comprised last week’s top five contributors (Exhibit 2). Sberbank (SBER LI) rose on reports that Russia is considering using the country’s National Wealth Fund to buy the central bank’s stake in the company. William Hill (WMH LN) rose above its 50-day moving average on news that peer DraftKings is combining with Diamond Eagle, a deal which will IPO in the first half of 2020 and highlights the long-term US sportsbetting opportunity. Abercrombie & Fitch (ANF) moved above its 50-day moving average. There was no price-changing news on NGL Energy Partners (NGL) or Danske Bank (DANSKE DC).

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1The performance figures reflect the results of a representative account net of management fees and certain other expenses. For important additional information about Income Strategy performance, please click on the Income Strategy Composite Performance Disclosure. The performance returns shown in this report are preliminary and are subject to revision. Past performance is no guarantee of future results.

Significant Contributors and Significant Detractors are the Strategy holdings that had the greatest effect on Strategy performance for the week. Holdings that have been in the Strategy since the end of the most recent calendar quarter are identified by name. For information on how Contributor/Detractor data were calculated and a list showing the contribution to the Strategy’s weekly performance of each investment held at such quarter end, contact us.

Any views expressed are subject to change at any time, and Miller Value Partners disclaims any responsibility to update such views. The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. Past performance is no guarantee of future results, and there is no guarantee dividends will be paid or continued. Content may not be reprinted, republished or used in any manner without written consent from Miller Value Partners.